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Glenn Reynolds Says

Proud Member of the Alliance

Monday, February 07, 2005

FOREIGN COUNTRIES ARE STARTING TO DIVEST FROM THEIR INTEREST IN US DOLLARS... THIS MEANS OUR CURRENT OUT OF CONTROL TRADE DEFICIT WILL BE HARDER TO MAINTAIN... WE MUST GET CHINA TO DECOUPLE THEIR YUAN FROM OUR DOLLAR WITHIN A FEW MONTHS OR THE DOLLARS VALUE WILL DROP EVEN MORE SIGNIFICANTLY...

The majority of Russian people were saving their money in dollars during post-perestroika years

The Central Bank of Russia has recently announced that the official ruble rate will be calculated on the base of the dollar and euro cost. A spokesman for the Central Bank said that the dollar-oriented approach to the Russian currency policy is outdated. "Guaranteeing stability to the dollar rate against the ruble was leading to considerable fluctuation of the ruble and other foreign currencies...